Iím 24-years old, and just got married two months ago. We make $80,000 a year, have our emergency fund and no debt, plus weíve saved up for a 15 percent down payment on a house. I know you suggest 20 percent, but is 15 percent okay?
I donít have a lot of issues with 15 percent instead of 20 percent. Youíll probably end up having to pay private mortgage insurance
, but it sounds like you guys are in good enough shape financially to handle things.
However, I generally recommend that couples wait until theyíve been married at least a year before buying a home. Buying a house is huge decision. Thatís why I think itís smart to wait and get to know each other even better before making a decision of this magnitude. Plus, you need to figure out just how close you want to live to your mother-in-law!
Seriously, take your time and donít rush things. There will still be great deals on the market in a year or so, and youíll be able to save more money